Dubbing Key Priority as ElevenLabs Confirms USD 500M Series D at USD 11bn Valuation

After earlier reporting suggested ElevenLabs was in discussions to raise capital at an USD 11bn valuation — almost three times its valuation one year ago — the company has now confirmed a USD 500m Series D funding round.

The round was led by Sequoia Capital, with existing investors Andreessen Horowitz and ICONIQ increasing their stakes. New investors include Lightspeed Venture Partners, Evantic Capital, and BOND, alongside continued participation from BroadLight Capital, NFDG, Valor Capital, AMP Coalition, and Smash Capital. ElevenLabs said additional investor participation and strategic partnerships are expected to be disclosed later in February. 

As part of the financing, Andrew Reed of Sequoia Capital will join ElevenLabs’ board of directors.

ElevenLabs said the funding will be used primarily to expand ElevenAgents, its conversational voice and chat agents platform for enterprise use cases, including customer support, conversational commerce, sales, and internal operations.

The company reported closing 2025 with more than USD 330m in annual recurring revenue (ARR), driven by growing enterprise adoption. Named customers include Deutsche Telekom, Square, Deliveroo, Revolut, and the Ukrainian government.

Alongside the funding announcement, ElevenLabs said it is rolling out updates to its agents platform, including faster response times, improved turn-taking, and enhanced emotional expressiveness based on its conversational models.

In its announcement, ElevenLabs also referenced its creator-focused and developer-facing offerings, including ElevenCreative and its API, alongside continued investment in research spanning text-to-speech, speech-to-text, dubbing, music, and conversational models.

“We will continue investing deeply in research. Our focus includes empathetic conversational models, dubbing, and audio general intelligence, and bringing those advances into products used at scale,” they said.

The Series D brings ElevenLabs’ total funding to nearly USD 800m since its founding in 2022. The round follows a USD 180m Series C completed in early 2025 and a USD 100m employee tender offer later that year at a reported USD 6.6bn valuation.

“We will continue investing deeply in research. Our focus includes empathetic conversational models, dubbing, and audio general intelligence, and bringing those advances into products used at scale.”

At a USD 11bn valuation, ElevenLabs would rank among the most highly valued AI companies headquartered in the UK, underscoring how keen big VCs are to find plays that successfully turn AI into products people (and the enterprise) are actually using.

ElevenLabs employs around 400 people globally, according to Co-founder Mati Staniszewski, and said it is continuing to expand its international go-to-market teams. The company said it is building towards a potential IPO in the future.